Courtesy of Gurjeet Nagra

Fraser Valley real estate sales dip in August; prices hold steady

$553,500 apartment UP 2.5% year-to-year

$1,534,500 detached UP 1.6% year-to-year

6,291 ACTIVE LISTINGS

$846,200 townhouse UP 0.9% year-to-year

BENCHMARK PRICES

apartment 1,311 839 townhouse

detached 2,477

1,273 SOLD LISTINGS

4.9 MONTHS OF INVENTORY

2,622 NEW LISTINGS

20.2% SALES TO ACTIVE LISTING RATIO

BC, SEPTEMBER 5, 2023 - The Fraser Valley Real Estate Board recorded 1,273 sales on its Multiple Listing Service (MLS ® ) in August 2023. New listings dropped to 2,622 in August. Active listings have been rising since last December and grew again in August by 1.5 per cent to 6,291. “Many buyers are in “watchful waiting” mode as they hold off on decisions in anticipation of potential further rate changes,” said Narinder Bains, Chair of the Fraser Valley Real Estate Board. “With prices relatively stable and active inventory on the rise, we hope to see more new listings come on stream over the next couple of months, especially if rates hold steady.”

“We expect to see market activity pick up heading into the fall months,” said FVREB CEO, Baldev Gill. “That said, with the uncertainty surrounding interest rates as well as the potential impact of provincial housing strategy initiatives, buyers and sellers would be well-advised to consult with a professional REALTOR ® to assess any risks and opportunities before making a decision.” At $1,534,500, the Benchmark price for an FVREB single-family detached home decreased 0.6 per cent compared to July 2023. At $846,200, the Benchmark price for an FVREB townhome decreased 0.5 per cent compared to July 2023. At $553,500, the Benchmark price for an FVREB apartment/condo decreased 0.4 per cent compared to July 2023. Statistics reflect market activity in August 2023 | Source: FVREB ® Fraser Valley Real Estate Board | Market values stated are of the benchmark of Fraser Valley and surrounding region. Individual home market values will vary and are affected by factors such as location, size, interior and exterior condition. Please call to get an up-to-date evaluation of your home.

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